P3 Health Partners Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

Net Loss per Share (Tables)

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table provides the computation of basic and diluted net loss per share:


	Year Ended December 31,
		2025		2024
		(in thousands, except per share data)
Numerator–basic:
Net loss attributable to Class A common stockholders–basic		$	(147,948)	$	(135,849)
Numerator–diluted:
Net loss attributable to Class A common stockholders–basic		$	(147,948)	$	(135,849)
Effect of dilutive securities:

Liability-classified warrants		—		(23,078)
Net loss attributable to Class A common stockholders–diluted		$	(147,948)	$	(158,927)
Denominator–basic:
Weighted average Class A common shares outstanding–basic		3,269		2,904
Net loss per share attributable to Class A common stockholders–basic		$	(45.26)	$	(46.78)
Denominator–diluted:
Weighted average Class A common shares outstanding–basic		3,269		2,904
Weighted average effect of dilutive securities:

Liability-classified warrants		—		1,823
Weighted average shares outstanding–diluted		3,269		2,940
Net loss per share attributable to Class A common stockholders–diluted		$	(45.26)	$	(54.06)

All periods presented in the table above have been retroactively adjusted to reflect the 1-for-50 reverse stock split effected on April 11, 2025. See Note 3 “Significant Accounting Policies” for further information.

Schedule of potential dilutive securities excluded from the computation of diluted net loss per share their effect would have been anti-dilutive

The following table presents potentially dilutive securities excluded from the computation of diluted net loss per share for the periods presented because their effect would have been anti-dilutive, adjusted for the reverse stock split as noted above.


	Year Ended December 31,
		2025	2024
		(in thousands)
Stock warrants (1)		7,789	3,582
Stock options (1)		443	390
Restricted stock units (1)		172	161

Shares of Class V common stock (2)		3,919	3,919
Total		12,323	8,052

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(1)Represents the number of instruments outstanding at the end of the period. Application of the treasury stock method would reduce this amount if they had a dilutive effect and were included in the computation of diluted net loss per share

(2)Shares of Class V common stock at the end of the period are considered antidilutive shares of Class A common stock under application of the if-converted method in 2024 and 2025.